Iraq

Iraq plays a central role in a Company’s strategy of increasing oil production abroad. In 2010 LUKOIL became an operator of one the world’s largest oilfields – West Qurna-2.

WEST QURNA-2

LUKOIL has been looking at opportunities of expanding our business in Iraq since late 1990’s, when an agreement had been reached with the then government of Iraq to develop the West Qurna field.

As a result of sanctions and conflict in the region our wish to work in Iraq was realized in 2009, when we won the tender for the West Qurna 2 development project. Our contract is for a period of 25 years with a target of achieving plateau production of 800,000 bpd at the end of 2024.

The West Qurna 2 project achieved first oil production in March 2014 and today the field has added the largest incremental production growth in Iraq of 400,000 bpd, and today is producing at a rate of 385,000 bpd from the Mishrif formation, which represents 9% of the total Iraqi production of crude and 12% of Iraq’s exports.